HOUSING FINANCE AGENCY Homeowner's Emergency Mortgage Assistance Program; Unavailability of Funds [41 Pa.B. 2789]
[Saturday, May 28, 2011]Under section 409-C of the Housing Finance Agency Law (35 P. S. § 1680.409c), (Act), the Executive Director of the Housing Finance Agency (Agency) has determined that as of July 1, 2011, the Agency will have insufficient money available in the Homeowner's Emergency Mortgage Assistance Program (Fund) to accept new applications for emergency mortgage assistance.
The Agency projects that the money available in the Fund will be insufficient to pay out on new applications that are expected to be received after June 30, 2011, and at the same time to continue making disbursements on behalf of mortgagors previously approved.
The Agency will continue to accept applications for mortgage assistance up to and including June 30, 2011. The applications will be considered on a first-come, first-served basis, based on availability of funds.
Effective July 31, 2011, mortgagees shall no longer be subject to the provisions of Article IV-C of the act (35 P. S. §§ 1680.401c—1680.412c), and mortgagees may, at any time on or after August 1, 2011, take legal action to enforce the mortgage without any further restriction or requirement of the article. Notwithstanding the previous information, however, mortgagees shall not take legal action against mortgagors who applied for mortgage assistance on or before July 1, 2011, and whose application was approved by the Agency in a timely manner; while continuing mortgage assistance disbursements are being made on their behalf by the Agency; or during the time that their mortgage assistance loan is being prepared for closing by the Agency.
If funds become replenished in sufficient amount, by an appropriation or otherwise, to continue the Fund, a new notice will be published in accordance with the act announcing that fact and thereafter mortgagees and mortgages shall again be subject to the provisions of Article IV-C of the act. Additional information on funding availability may be available at www.phfa.org and all mortgagors and mortgagees are encouraged to visit the web site for updated status.
Nothing in this notice affects other Agency funding programs. Specifically, the Agency continues to have available funds in the Federal Emergency Homeowners' Loan Program (EHLP) for qualifying mortgagors. Additional information about the EHLP is available at www. phfa.org.
BRIAN A. HUDSON, Sr.,
Executive Director[Pa.B. Doc. No. 11-920. Filed for public inspection May 27, 2011, 9:00 a.m.]
